Did you know your Medicare Advantage plan can change every year? It’s smart to review the Medicare Advantage plans available in your area annually as well. Some Medicare Advantage plans might have changes to the plan’s costs and additional routine benefits. Others might change which doctors you can see or which medications they cover.
It’s extremely important to check that your plan is still the right fit for your health needs every year. In this article, we’ll walk you through the Annual Notice of Change, what changes to be looking for, when you may be able to review Medicare Advantage plans, and how to prepare for this each year.
Understanding the Annual Notice of Change (ANOC)
The Annual Notice of Change (also known as ANOC) is a letter sent to Medicare beneficiaries by September 30th each year that lists out any changes to your plan. Think of it like a report card for your Medicare Advantage plan. This letter provides a summary of changes to your plan for the next year that go into effect January 1. This could include:
Costs: Your monthly Medicare Advantage plan premium could go up, stay the same, or even go down. The ANOC should also highlight changes to your deductible, copays for doctor visits and hospital stays, or coinsurance. It will also specify if your maximum out-of-pocket amount is changing.
Provider and Pharmacy Networks: The ANOC will let you know if any doctors, hospitals, or pharmacies are being added to or removed from your Medicare Advantage plan's network. This is a crucial detail, because if your preferred doctors and/or specialists are removed from your network, they will no longer be covered under your plan.
Prescription Drug Coverage: The ANOC will show you if the plan's list of covered drugs (formulary) has changed. This includes if any of your medications have been moved to a different cost tier, which would affect how much you pay for them.
Benefits and Services: The ANOC will highlight changes to the medical services covered by your Medicare Advantage plan, such as coverage for emergency care or outpatient surgery. It can also outline updates to additional routine benefits that many Medicare Advantage plans offer.
Plan Service Area: The document will inform you if there are any changes to the plan's service area. If your Medicare Advantage plan's service area changes and your address is no longer within it, you'll need to review the options available in your area to find the right coverage for your needs.
It's very important to open and read this letter right away. It is your chance to see what is new with your Medicare Advantage plan before reviewing the options available to you.
Key Changes to Look for in Your ANOC
The Annual Notice of Change letter will tell you about important updates. You should look for these key things, such as:
Costs: Did your monthly payment change? Did your copays for doctor visits or hospital stays change? Did your yearly out-of-pocket costs go up or down?
Doctors and Hospitals: Your ANOC letter will refer you to the right source to confirm whether your plan added or removed any doctors or hospitals from its list.
Medicines: Do you take prescription medication every day? Contact the resource(s) provided by your ANOC letter to see if your medicine is still covered.
Additional Benefits: Many Medicare Advantage plans offer additional routine benefits. Did your plan change any of these additional benefits by adding or removing them?
Why Medicare Advantage Plans Change
Medicare Advantage plans can change for many reasons. For example, a plan might change the list of doctors it works with. Or, a company might change the list of medications it covers. These changes are normal and reading your ANOC is your chance to see if these changes affect you. Even if your plan seems to only have minor changes, these could lead to bigger costs later on.
The Annual Enrollment Period is Your Time to Review the Plans Available to You
After you receive and read your ANOC, you have a special time to act. This is called the Medicare Advantage Annual Enrollment Period—also known as AEP. This period runs from October 15 to December 7 every year. During this time, you can:
Review the Medicare Advantage plans available in your area, but choose to stay in your current plan if it’s the right fit
Switch to a new Medicare Advantage plan
Go back to Original Medicare
Add, drop, or change a prescription drug plan
Any changes you make during this time will begin on January 1 of the next year. This is your chance to review the Medicare Advantage plans available in your area and ensure you still have the right plan for you.
How SelectQuote Can Help
Looking at all the Medicare Advantage plan options can feel like a big job. That's where a licensed insurance agent can help. At SelectQuote, we make it easy to understand your choices.
Our licensed insurance agents are here to help you:
Review Plans: We will look at the Medicare Advantage plans available in your area from multiple insurance carriers. We can compare them side-by-side to find the right fit for both your needs and budget.
Check Your Needs: If your health has changed, we can make sure the new Medicare Advantage plan you choose will help cover what you need.
Answer Questions: Our licensed insurance agents can answer questions about your ANOC letter, AEP, or even general questions about your coverage. We can help you understand the changes in your Medicare Advantage plan's costs and benefits.
Save You Time: We can do the hard work of reviewing Medicare Advantage plans for you. This could save you time and stress, plus it’s free, with no obligation to enroll.
Next Steps: Your ANOC, AEP, and SelectQuote
Look for your ANOC letter in the mail. It should arrive by the end of September each year.
Read it carefully. Pay close attention to any changes in your costs, doctors, and medications.
Think about your needs. Have you had any health changes? Do you take new medicines?
Work with a SelectQuote licensed insurance agent. During AEP, we can review the Medicare Advantage plan options available in your area to help you find a plan that's right for you and your health.
Remember, even if you like your current plan, it's always a good idea to check for changes and review your options. One of the easiest ways to do this is during AEP with a licensed insurance agent from SelectQuote. In as little as 20 minutes, we can review the available plan options in your area to help you find the one that’s right for you.
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